Some say that housing and the economy are woven together into a single garment of destiny. Let’s review recent national economic data: a good September non-farm payroll report marking 31 consecutive months of private job growth, the unemployment rate falling to 7.8 percent (a 44-month low), a widely positive S&P/Case-Shiller home price report and mortgage rates averaging close to 3.4 percent. Combine the above trends with less housing supply and strong home sales numbers, and you can start to see just what’s driving this recovery. Here’s what transpired locally.
In the Twin Cities region, for the week ending September 29:
- New Listings increased 6.2% to 1,314
- Pending Sales increased 15.5% to 1,000
- Inventory decreased 29.6% to 16,261
For the month of September:
- Median Sales Price increased 12.3% to $174,000
- Days on Market decreased 28.7% to 101
- Percent of Original List Price Received increased 4.1% to 94.8%
- Months Supply of Inventory decreased 40.9% to 4.0
Click here for the full Weekly Market Activity Report.